The long advocacy for Nigeria to move away from crude oil dependency is becoming a reality as Vice President Yemi Osinbajo recently revealed that the bulk of the nations’ treasury is now completely not associated with crude oil.

As analysed by the Vice President, the highest pool of revenue for the nation is now from the non-oil source which tax is chief of and gas exports.

In a recent gathering at the Nigerian Society of Chemical Engineers (NSCHE) 51st Annual International Conference/AGM, the Vice President pointed out that the feat is a result of the federal government’s effort to see that its agenda of diversification is achieved.

The achievement according to the VP’s statement as represented by the Minister of Science and Technology, Ogbonna Onu is coming on the heels of technology development.

The statement also states the need for Nigeria to prepare for the future where crude oil, which had been its major source of revenue, would no longer occupy a prominent position in the economies of many nations.

In his words,

 “Many countries in different continents are now preparing themselves to depend on fewer fossil fuels.

” Electric cars are found on roads and streets of many of the technologically developed countries of the world.

“This has sent a clear signal and a strong message that fossil fuels will not be as important as they are in years to come,” the Vice president said.

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